Indonesia’s Pusri awarded 30,000 mt of granular urea to Dreymoor at $470.10/mt FOB in a tender that closed Friday, March 30. An additional 30,000 mt was offered but no bidders appeared.
Pusri set the minimum price at $470/mt FOB, and only Dreymoor met that level. All other bids were in the mind-$450s/mt FOB.
In the run up to the tender, industry sources expected to see prices in the low-$450s/mt FOB. The higher floor price set by Pusri indicates the producer is more bullish than many of the traders.